Thursday 22 March 2018

Michael Noonan: 'There will be tax cuts for workers in next two budgets'

Income tax cuts on cards from next October

Michael Noonan
Michael Noonan
Michael Noonan

Finance Minister Michael Noonan has said he will reduce the tax burden on workers over the next two Budgets.

His comments will be welcome news to hard pressed workers who have seen the burden of taxation increase significantly since 2008, in both direct and indirect taxes.

There is a clear recognition within Government that income taxes are at their absolute limit and with the introduction of property taxes and water charges, and some relief is now necessary, he added.

"I hope we'll be able to start the job in Budget in mid October," Mr Noonan said.

Mr Noonan has told Fine Gael local election candidates that the easing of the tax load on middle-income workers is a top priority.

At the launch of the local election campaign for the party, he has said all the recent data signals a modest economic recovery. And he says he wants to cut the tax burden and that he wants to start doing so in the Budget this October.

Meanwhile, the government tax receipts for April are 9pc higher than they were a year ago. The Finance Minister says he saw a preview of the figures last night.He says the income tax take is about 6.5pc higher than it was 12 months ago. His comments, however, come in the wake of an Irish Independent/MillwardBrown opinion poll last Monday in which voters signalled they were prefer an ending to austerity rather than have their taxes cut.

Online Editors

Business Newsletter

Read the leading stories from the world of Business.

Also in Business